Strategy’s perpetual preferred stock STRC rose during U.S. trading to $89.43, up 2.35% on the day, marking its highest price since July 2, according to BIT (bit.com) market data. The move came ahead of Strategy’s scheduled second-quarter earnings release, set for 5:00 a.m. UTC+8 on July 31. The company has also gone a fifth straight week without adding to its Bitcoin holdings.
Separately, Strategy founder Michael Saylor recently said the company will not issue new shares when STRC trades below $100. Strategy has already repurchased 288,930 shares of STRC preferred stock for about $25 million at an average price of $86.52 per share. The company said it plans to remain a “regular and disciplined buyer,” stepping up repurchases when STRC trades well below $100 and scaling them back as the price approaches that level. Strategy still has about $975 million of preferred stock repurchase capacity remaining. Funding for the buybacks will not come from dollar reserves, but will be raised depending on market conditions through measures including sales of MSTR stock and Bitcoin, with the stated goal of keeping STRC trading near $100.
Strategy’s perpetual preferred stock STRC traded at $89.43 during U.S. market hours, up 2.35% on the day and reaching its highest level since July 2, according to market data from BIT (bit.com).
Strategy is scheduled to release its Q2 earnings at 5:00 a.m. UTC+8 on July 31.
The company has also gone five straight weeks without increasing its Bitcoin holdings.
Michael Saylor, Strategy’s founder, recently said the company would not issue new shares if STRC is below $100. Strategy has repurchased 288,930 shares of STRC preferred stock for about $25 million, with an average repurchase price of $86.52 per share.
Under its stated plan, Strategy said it will continue to act as a “regular and disciplined buyer,” continuing repurchases when STRC is below $100. The company said it would buy more aggressively when the price is farther from $100 and reduce the pace of buybacks as the stock moves closer to that level.
Strategy still has about $975 million available for preferred stock repurchases. The company said the capital used for STRC buybacks would not come from its dollar reserves, but would be raised based on market conditions through channels including sales of MSTR stock and Bitcoin. The target is to keep STRC trading near $100.
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